The Value of Good Advice by Steve Marsten

We received a new client recently who was advised by their previous accountant when requested to undertake some urgent work that it would take six – eight weeks to complete. The client was also warned by a friend before coming to our firm to “be careful they seem expensive…”

Within a week they were complaining about two accounting fees they had received! Both invoices were from their previous accountant. The fees weren’t huge (total $350) but they were for consultations whereby the accountant advised they “could not help them”. Our fees turned out to be more then this however we turned the job around quickly and our client advised us that it was the best money she had spent in a while due to the valuable advice she had received.

Good advice from a financial professional can have a profound positive impact on your own, and your families, financial future. It can save you a considerable cost especially when buying and selling businesses or strategising over the best way to organise transactions or simply to consider other ways of managing your business or investments.

When you meet with your advisor, you are likely looking for answers or solutions to your financial questions and needs. And there are many trusted advisors who have the knowledge, competence, and desire to keep your best interests in mind so that you can maintain your sense of financial well-being.

When looking for an advisor, it’s OK to ask them questions to help you get comfortable in working with them—in fact, it’s encouraged. The more confident you are that you are working with an expert you trust, the easier it is to have those difficult conversations and make decisions. Don’t be afraid to ask your advisor these questions:

1.       How will you assess my financial security needs?
A good advisor will ask you questions about your life, goals, expectations, income, current assets and liabilities, and your time horizons. This process helps them properly assess your needs and work with you to develop a sound plan. If they don’t ask you a lot of questions, then they may make assumptions that could result in plans that won’t take you to where you want to be.

2.       How do you protect my privacy?
The information an advisor collects from you is personal and possibly sensitive. A good advisor will be aware of their privacy obligations.

3.       How does your business operate and how do you get paid?
Advisors should be able to articulate the way they conduct business.

When you work with an advisor you trust, it’s more likely they will add value to you and your business and provide you with peace of mind and confidence about your future. Speak to your advisor often.

At Sothertons, building trust and value is the key to our service. Call us today on 4972 1300.